Website: https://share.america.gov/ytili

YTILI Program: Connecting European and American Entrepreneurs

In March 2017, I received the exciting news that I had been selected for the Young Transatlantic Innovation Leaders Initiative (YTILI) Fellowship, awarded by the U.S. Department of State and the German Marshall Fund (GMF) of the United States. Together with 115 other awardees, I was eager to take part in a program where I would connect, meet and work with American entrepreneurs and then bring the acquired knowledge back to my country, to positively contribute to the local ecosystem through my work.

Training in Washington, DC

I was assigned to travel in the June Cohort with another 42 European entrepreneurs. The overall experience included a three-day training at the GMF headquarters in Washington, DC, on subjects including: leadership, a special “pitching to investors” session by Venture Capitalist Videesha Kunkulagunta, networking and media training, as well as discussions with local investors and entrepreneurs to better understand US and European ecosystems. The highlight was a visit to the US State Department where we spoke with State Department officials and discussed similarities and differences between the entrepreneurial ecosystems in the USA and Europe, as well as the programs currently strengthening the transatlantic relationship.

Discussion at the US Department of State

Following this discussion, I felt confident that the government of the United States perceives Europe as an important partner. Even official figures show the significance of this relationship: “The United States and Europe represent one of the largest economic relationships in the world. In 2016, transatlantic trade averaged $3 billion a day. We are committed to building and sustaining strong relationships in Europe with governments, the private sector, and the next generation of leaders and innovators.” (Source: State Department Press Release http://bit.ly/2wgGcRJ).

Working Experience in Seattle

A few weeks before traveling to Washington, DC, I was informed that at the end of the training there, I would work for two weeks at Seattle’s CoMotion Labs, the startup and innovation hub of the University of Washington (UW). As every young European entrepreneur would expect, I had secretly hoped to have been placed in Silicon Valley, the birthplace of startups and innovation. However, I soon realized that entrepreneurship in the USA can take place in other, unexpected places, as some Europeans may say, such as in Seattle, Austin, Boston, Charlotte, Denver, Detroit and Salt Lake City.

Seattle

And after doing a quick Google search about Seattle, I soon discovered it was the birthplace of Amazon, Starbucks, Microsoft and Boeing. Moreover, Seattle’s population is around 700,000 people — only a bit smaller than that of my country, Cyprus. The perfect city to work in if you want to research how the entrepreneurial ecosystem developed from a small community to a network featuring global high-tech companies.

Once there, the meetings we had with Elizabeth Scallon — Associate Director of CoMotion Labs and with entrepreneurs, advisors, investors as well as the Washington Technology Industry Association (WTIA) in Seattle helped me to better understand how a tech startup ecosystem is built. The Seattle Tech Universe Map, developed by WTIA and Madrona Venture Group, demonstrates how Seattle’s tech ecosystem developed over the last 30 years and sustains over 600 tech companies (Source: WTIA http://bit.ly/2uRM7fq).

Working at Startup Hall — University of Washington

The map clearly shows the impact that UW and tech companies like Microsoft, Amazon and others have on the region. Past employees of these firms and UW alumni and professors have gone on to launch their own startups. According to WTIA, over $450 billion and over 2,100 new tech companies have been created over the last eight years. Moreover, there are currently 90,000 software engineers — more than in any other metro area.

Transferring Knowledge to Europe

How can we learn from a developed entrepreneurial ecosystem like Seattle? Experience shows that to develop a startup ecosystem, you need the following components:

1. Entrepreneurs: 2,100 new tech companies have been created in Seattle over the last eight years.

2. Investors: Sophisticated Business Angels networks operate in Seattle.

3. Universities: Many UW students and professors went on to launch their own startups and several software engineers are university alumni.

4. Government: The Federal Government of the United States sets targets to help startups and Small Businesses. For example, one of the statutory goals is that 23% of prime contracts are given to small businesses (source: https://www.sba.gov/contracting/contracting-officials/goaling).

5. Private Companies: Amazon is the largest private employer in Seattle, with over 25,000 employees (Source: Amazon.com).

6. Other Factors: Startup events, experienced mentors and modern infrastructure enhance Seattle’s ecosystem and help entrepreneurs grow their businesses.

Having experienced working and living in Seattle, in a high-tech startup ecosystem, I now understand better how the different components work together to create a thriving environment. As one of the co-organizers of Startup Europe Week in Cyprus, I am committed to using this knowledge to contribute more fully to the local ecosystem by engaging with its stakeholders. Let’s strengthen the transatlantic relationship through entrepreneurship!

)

Andreas Hadjisofocleous

Written by

Director HJS Insurance I Co-Founder Global Shapers Nicosia I Co-organizer Startup Europe Week Nicosia I Toastmaster I YTILI Fellow 2017

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade